Fresh out: Start Practice?

[Redneck]

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MS0 <3 months left...
I'm brainstorming again and I'm wondering if a fresh Family Med grad is capable of starting a practice in a nice middle of nowhere town? Let's say loans of about $200,000, would it be possible to receive business loans to set up a practice? Are there government incentive programs to make this work? Can this old mentality of 'hanging up a shingle' be done? Or is this merely a dream that requires no debt and an existing capital source to get running?

 

[Redneck]

41 hits and counting with no feedback even from the FP superstar regulars. Hmmm, I think SDN land votes not possible. Here is another open ended question; How exactly are middle of nowhere towns supposed to get a doc to come if it is such a financial obstacle? Does one try to garner support from the community of interest as a joint venture? Do you work in a Concrete Jungle, pay off loans, save some money, then move to the country and open up a practice? Or is the only realistic option available these days focus on a 'larger' town with 1 day branch clinics in the outlying areas?

I'm looking for info on the IF and HOW to actually go rural in a non-established community that can support the services of a doc.

 

[flighterdoc]

MS0 <3 months left...
I'm brainstorming again and I'm wondering if a fresh Family Med grad is capable of starting a practice in a nice middle of nowhere town? Let's say loans of about $200,000, would it be possible to receive business loans to set up a practice? Are there government incentive programs to make this work? Can this old mentality of 'hanging up a shingle' be done? Or is this merely a dream that requires no debt and an existing capital source to get running?

Well, it depends. Are you independently wealthy? Do you care where you set up?

If you're independently wealthy, you can probably do it. However, unless you went to some special medical school and residency that actually taught you the 'business' end of medicine, I doubt that you'd have much of a clue about the things involved in running a practice. It's not all seeing patients. And, it would take at least 6 months (at the absolute minimum) to locate a space for your office, have any necessary upgrades done, get the equipment in, and have the shingle made to attract patients. Oh, don't forget the DEA registration, state license, malpractice insurance coverage, medicare authorization, etc. If you can't get business loans (and even if you can) it will probably cost close to $250K to get the office equipped, too - that stuff isn't cheap.

If you don't care where you live, you might be able to find an existing practice of a physician getting ready to retire. With luck, you could retain his/her staff and simply purchase (over time) the assets of the practice, including good will.

Finally, some very small towns REALLY want a physician - and will give you significant bonuses to have you move there, like office space, a house, etc. These are hard to find and are almost always in geographically undesireable areas like remote parts of the Dakotas. Work your cards right and you might even get them to pay part of your loans off.

It's probably good that you're thinking of this now. I'd suggest reading Medical Economics magazine (free online) to learn more about it.

 

[lilnoelle]

It depends a little bit on your definition of small town as well. My brother is a dentist and started a practice right out of school in my hometown that has about 11,000 people. He had no problem getting loans for his business and just hired someone else (in this case my sister) to do the business side of things. He's been in business for less than two years and things have been relatively smooth (and very busy) the whole time. I'm guessing that starting up a medical practice would be somewhat similar to starting up a dental one... he started small, just him and my sister, and then when he could afford it, he added an assistant, and then a secretary, and then a hygienist, and then another assistant.

 

[sophiejane]

There are low interest loans and sometimes even grants available for starting a practice in a rural area. Google it. Texas has ORCA. Not sure about other states.

But more than likely, I think you will be able to join or take over an existing practice if the need is high in your area.

 

[alpha62]

Seen this list ? Student loan payback avalible?

http://nhsc.bhpr.hrsa.gov/jobs/sear...&Stat=&Cate=&Weeks=&CHC=&StartRow=1&PageNum=1